THE LEGACY PROCESS
“When you become a client of Legacy Advice it will be clear to you how passionate we are about getting you the best outcome, by taking a complete look at your current financial situation and your future plans to discover the best solution for you. As part of your free consultation we will discuss your needs & help you get some clarity on the home buying process and the financial risks home ownership brings. As part of our advice process you will receive a full credit score assessment to identify any areas we can improve on, a financial risk audit so you are more able to protect your home & family. This is all through secure online communication with face-to-face support with a Mortgage & Protection Specialist via phone or video call.”
Putting in place appropriate insurance could financially protect your loved ones, when they need it most. From fun family holidays, to school uniforms and just putting a roof over your family’s head, all of it is so important. Could your family continue with all of this should the worst happen?
With Access to a panel of industry leading Defaqto 5 Star Rated Insurers, we can tailor-make a robust insurance package within your budget. Speaking to a Professional Advisor today could be one of the best things you ever do for your family.
FREQUENTLY ASKED QUESTIONS
Please do take into consideration that the information below is NOT advice or a recommendation to take any specific action, it is intended as general information and an appointment should be made to receive advice from a professional.
There are no black & white lines when it comes to what a good score is and this can be made more confusing as different credit scoring agencies using different rating scales. If I have to give a guideline I would suggest that you aim to get your score to about 80% or above for the scale you check your credit score on i.e. If the credit report you check scores you out of 999 aim for 800 and above, or if the score is out of 750 aim for 600 and above.
Claim Free Credit Report: CheckMyFile is the credit reporting company I always recommend as they give the best reflection of your credit history because they gather your information from 4 of the major UK credit scoring agencies (Experian, Equifax, TransUnion, Crediva) – Click Here To Get A Free 30 Day Trial, then £14.99 per month – cancel online anytime.
I would always suggest you speak to an Mortgage Advisor as it is very rare that your own bank will actually be the most competitive lender available to you. There are many advantages that come with having a Mortgage Professional on your side;
– We can give you access to a wider range of products & exclusive lenders that you cannot go directly to yourself.
– We can save you valuable time by shopping around and negotiating more favourable deals on your behalf.
– We can help you with the large amount of paperwork needed for a mortgage application
– We provide you with bespoke advice and are work in your best interests
– Deciding to get in touch with us, could be the difference between receiving a mortgage approval and mortgage refusal
As every lender has different criteria that changes regularly there is not a single answer. The amount you will be eligible to borrow from a lender can be determine by a number of factors such as; the property value, the deposit you are able to put down, your income and monthly expenditure, your credit report and the number of applicants. By arranging an appointment with an advisor we can give you an indication of what you can borrow on the same day.
The deposit require is usually shown as a percentage of the purchase price, for the majority of people a deposit of 10-15% and generally speaking the greater the deposit you are able to put down you will have access to lower interest rates.
If you are struggling to save a deposit for a home within this range, depending on your financial situation and your credit score you may be able to purchase a home with as little as a 0%-5% deposit, although this typically would not be available to most applicants it would be worth discussing with an advisor.
Your mortgage is, for most people, going to be the largest debt you take on board and if you fall behind on the repayments of your mortgage your home can come under risk of repossession, this is a situation we never want a client of ours to be put in, and your advisor will discuss with you how you can protect your home with products such as life insurance, critical illness cover, income protection and family income benefit.
At a minimum as part of your mortgage terms, your lender will require you to take out Buildings Insurance that meets their criteria. We would also usually recommend you arrange contents insurance as well.
Whilst this can seem like a lot to manage, your advisor will work with you to find the best insurance available within your budget, discuss with you his recommendation so you are aware what you will be insured for and then when you are happy to proceed, complete the application forms for you.
With so many moving parts there are fees at multiple points of purchasing a home, and it can be hard to estimate how much you would need to hold in reserve to cover theses costs. A good resource to look at is this article by Which? which shows depending on your property price you will likely need £1,330 – £6,140. For a brief guide of what you could expect see below.
For completing our research, processing the application and being a central point of contact for your mortgage we charge an Advice Fee after attaining an Approval In Principal, some mortgages will charge you a “Product Fee” and most lenders will charge a “Transfer Fee” for issuing the funds to your solicitor, Legal Fees for changing the ownership of the property, your lender will likely charge you a Valuation Fee to inspect the property prior to issuing a mortgage offer, you can pay for a more in-depth Survey to be completed if you feel it is needed, you may also be liable to pay stamp duty depending on the purchase price of the property, then when you’re ready to move you may also have moving costs for renting a van or hiring a professional moving company.